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ONEOK vs Southwest Gas Holdings: OKE and SWX compared
ONEOK is the larger company: $12.5B of revenue in its latest quarter (Q3 2026) against $585M for Southwest Gas Holdings (Q1 2026). ONEOK is growing faster (+44% against -22% a year earlier). Southwest Gas Holdings is more profitable, with an operating margin of 37.5% against 12.6%.
Where the money goes: OKE and SWX
ONEOK (OKE) · Q3 2026
ONEOK, Q3 2026: revenue $12.5B (+44% year over year), operating margin 12.6%, net earnings $1.4B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
Southwest Gas Holdings (SWX) · Q1 2026
Southwest Gas Holdings, Q1 2026: revenue $585M (-22% year over year), operating margin 37.5%, net earnings $138M, operating cash flow $162M. The chart follows the revenue to costs, profit and cash.
| ONEOK (OKE) | Southwest Gas Holdings (SWX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 2026 |
| Revenue | $12.5B | $585M |
| Revenue growth, Y/Y | +44% | -22% |
| Operating margin | 12.6% | 37.5% |
| Net earnings | $1.4B | $138M |
| Net margin | 10.8% | 23.6% |
| Operating cash flow | $1.4B | $162M |
| Free cash flow | $442M | — |
| Market value | $54.6B | $6.7B |
| P/E | 13.4× | 12.3× |
| Analysts’ mean target | $102.75 | $102.00 |
Where the revenue comes from
ONEOK
- Commodity sales: $11.2B (90%)
- Services and other: $1.3B (10%)
Questions
Which is bigger, ONEOK or Southwest Gas Holdings?
ONEOK is the larger company: $12.5B of revenue in its latest quarter (Q3 2026) against $585M for Southwest Gas Holdings (Q1 2026).
Is ONEOK or Southwest Gas Holdings growing faster?
ONEOK is growing faster (+44% against -22% a year earlier).
Which is more profitable, ONEOK or Southwest Gas Holdings?
Southwest Gas Holdings is more profitable, with an operating margin of 37.5% against 12.6%.
More: ONEOK earnings · how ONEOK makes money · Southwest Gas Holdings earnings · how Southwest Gas Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed May 5, 2026). Fiscal quarters can end on different dates. Not investment advice.